A long-awaited ban on pensions cold calling came into force on Wednesday 9th January 2019. The ban is now a law under the Electronic Communications (Amendments) (No.2) Regulations 2018. Companies breaking the rules can be fined up to £500,000.
How does the ban work?
The ban applies to all pensions cold-calls, except where both of the following points apply:
- where the caller is authorised by the Financial Conduct Authority or is the trustee or manager of an occupational or personal pension scheme, and
- the person receiving the call consents to calls or has an existing relationship with the caller.
Calls about your pension in any other situation are illegal. They may even be a scam!
What do I do if I receive a call?
If you receive an unwanted call from an unknown caller about your pension, don’t give out any personal information. Gather as much information as possible and report it to the Information Commissioner’s Office. Visit their website or call their helpline on 0303 123 1113 (local rate – calls to this number cost the same as calls to 01 or 02 numbers).
If you think you’ve received a genuine call from your pension scheme but are unsure, hang up the phone, look up the company’s phone number and call back on a different phone line.